Al’s Florist places orders for vases every 12 days. Once an order is placed, it takes...

Al’s Florist places orders for vases every 12 days. Once an order is placed, it takes four days for it to arrive. The store sells on average 30 vases per day, with a standard deviation of 8. Al’s wants to ensure that it can satisfy 90% of the customers who demand vases. Assume that the sales representative just walked in the door and there are currently 7 vases in the back.

a) How many vases would you order?

b) What is the largest amount Al’s will ever have to order?

Expert Solution

Economic order quantity is an inventory management technique through which the companies minimize their annual inventory cost

keosha answered 2 years ago

Al’s Florist places orders for vases every 12 days. Once an order is placed, it takes...

Al’s Florist places orders for vases every 12 days. Once an order is placed, it takes four days for it to arrive. The store sells on average 30 vases per day, with a standard deviation of 8. Al’s wants to ensure that it can satisfy 90% of the customers who demand vases. Assume that the sales representative just walked in the door and there are currently 7 vases in the back. a) How many vases would you order? b) What...

Acme inc uses an inventory management system where orders are placed every 30 days and the...

Acme inc uses an inventory management system where orders are placed every 30 days and the average lead time is 11 days. The average daily demand is 10 units, the standard deviation of demand is 2 units, and there are currently 110 units in stock. The required service level is 95%. Find the order quantity.

Better Blooms is a florist shop which takes orders by internet and phone, prepares the desired...

Better Blooms is a florist shop which takes orders by internet and phone, prepares the desired floral arrangements, and delivers within a 25-mile radius of the shop. Since the profit margin on the business is small for each arrangement and the competition from other florists in the area is high, the owner is concerned about setting the appropriate costs for each delivery to be profitable while still being competitive. To investigate, the owner has gathered information on a random sample...

Suppose that it rains in Spain an average of once every 13 days, and when it...

Suppose that it rains in Spain an average of once every 13 days, and when it does, hurricanes have a 4% chance of happening in Hartford. When it does not rain in Spain, hurricanes have a 2% chance of happening in Hartford. What is the probability that it rains in Spain when hurricanes happen in Hartford?

The Highland Company is planning orders for its winter catalog. One order is to be placed...

The Highland Company is planning orders for its winter catalog. One order is to be placed at the beginning of the season through calling the manufacturer. The demand forecast for one of its jackets is normal, with a mean of 5,000 and standard deviation of 2,000. Each jacket has a sale price of $122, and any unsold jackets at the end of the season will be discounted and sold through the outlet store for $35. The manufacturer offer to sell...

A catalog sales company promises to deliver orders placed on the Internet within 3 days. Follow-up...

A catalog sales company promises to deliver orders placed on the Internet within 3 days. Follow-up calls to a few randomly selected customers show that a 90% confidence interval for the proportion of all orders that arrive on time is 88% ±4%. What does this mean? Are the conclusions below correct? Explain. a) Between 84% and 92% of all orders arrive on time. b) 90% of all random samples of customers will show that 88% of orders arrive on time....

The physician orders heparin 5,000 units subcutaneous every 12 hours for a patient with a DVT....

The physician orders heparin 5,000 units subcutaneous every 12 hours for a patient with a DVT. The heparin is available in 20,000 units per 1 milliliter concentration. How many mililiters would the nurse administer with each dose. Round to the nearest hundredth. Show work

Store is open 7 days/week. orders units every other week. maintains safety stock of 120 units....

Store is open 7 days/week. orders units every other week. maintains safety stock of 120 units. weekly sales is 800 units. lead time is 3 days. current inventory is 350 units, how many units should it order?

A pediatrician orders Cephalexin 12.5 mg/ kg by mouth (po) every 12 hours (bid). The child...

A pediatrician orders Cephalexin 12.5 mg/ kg by mouth (po) every 12 hours (bid). The child weighs 33 pounds (lbs). The pharmacist provides you with Cephalexin oral suspension 100 mg/mL. How many milliliters (mL) of Cephalexin will you administer bid? (1 kg = 2.2 lbs) HLEP! I NEED ANSWER ASAP!

You eat five days per week at the same restaurant, and every day you order a...

You eat five days per week at the same restaurant, and every day you order a sandwich and a drink. There are 26 sandwiches including 6 vegetarian options, and 15 drinks including 4 caffeine-free drinks. On Tuesdays, you like to eat healthy, so you always choose a vegetarian sandwich and a caffeine free drink on Tuesdays. The other days you can eat any sandwich and drink any drink - but you never repeat a sandwich or a drink in the...

Question

Al’s Florist places orders for vases every 12 days. Once an order is placed, it takes...

Solutions

Expert Solution

Related Solutions

Al’s Florist places orders for vases every 12 days. Once an order is placed, it takes...

Acme inc uses an inventory management system where orders are placed every 30 days and the...

Better Blooms is a florist shop which takes orders by internet and phone, prepares the desired...

Suppose that it rains in Spain an average of once every 13 days, and when it...

The Highland Company is planning orders for its winter catalog. One order is to be placed...

A catalog sales company promises to deliver orders placed on the Internet within 3 days. Follow-up...

The physician orders heparin 5,000 units subcutaneous every 12 hours for a patient with a DVT....

Store is open 7 days/week. orders units every other week. maintains safety stock of 120 units....

A pediatrician orders Cephalexin 12.5 mg/ kg by mouth (po) every 12 hours (bid). The child...

You eat five days per week at the same restaurant, and every day you order a...